GHL Systems Berhad (GHL) has announced its support for MyDebit Secure CNP (Card-Not-Present) from Payments Network Malaysia Sdn Bhd (PayNet), which is expected to benefit over 1,500 of GHL’s online merchants. GHL is the latest participant in PayNet’s ecosystem to offer this more secure and safer online card-not-present payment solution in Malaysia. Some of GHL’s major online merchants, including Best Buy World Malaysia, Easystore Commerce, Nihon Skin, EGroup Tech, and CLT Asia Sdn Bhd (Camel Active online retailer), will benefit from this enablement.
According to Forbes, 20.8% of global retail purchases are expected to take place online this year, and this figure is projected to grow to 24% by 2026. The value of global retail e-commerce transactions is expected to reach USD6.3 trillion this year, led by the Asia Pacific region, which is expected to generate over USD2 trillion in revenue. However, an unwanted side-effect of this growth is the increase in fraud attempts. Research by Vesta has estimated that online payment fraud ranges from 10-13% of global transactions, with an average value of USD126 to USD135. This has resulted in a growing demand for 3D secure payment authentication solutions, such as MyDebit Secure CNP, which provides protection from fraud to both merchants and customers, regardless of the device used for making or receiving online payments, such as mobile, desktop, or tablet. Both of these MyDebit Secure CNP enablements are designed to facilitate 3D secure payment verifications, which aid fraud prevention in online debit card purchases, and can be delivered via merchant plug-ins or bank applications.
Kevin Lee, GHL Malaysia’s CEO, stated, “As the e-commerce industry continues to grow rapidly, we understand that merchants need reliable payment solutions to protect their business and their customers. With MyDebit Secure CNP, our merchants can now offer their customers a more secure and convenient way to pay online without compromising on their shopping experience.”
Gary Yeoh, Chief Commercial Officer of PayNet, added, “Malaysia lies within Asia Pacific, the ‘sweet spot’ growth region of retail e-commerce. This is alongside the rise of the 3D secure payment authentication market, which is set to exceed USD2.76 billion by 2030, again led by the Asia Pacific region. With MyDebit Secure CNP, PayNet aims to better support our ecosystem participants in capturing their share of these enormous opportunities and meeting their customers’ demands for safer and more secure online CNP payments using the latest 3D secure technology protocols, regardless of size, type, or location.”
10 April 2023